Legal battle brews: Bira 91's Ankur Jain moves Delhi HC against Kirin Holdings and Anicut Capital's Beer Cafe takeover

Kirin Holdings of Japan and Anicut Capital, the largest shareholder and lender of B9 Beverages, have taken control of Bira 91's The Beer Cafe, sparking a legal battle in the domestic craft beer industry.

The acquisition was made by claiming shares pledged by B9, according to filings with the Registrar of Companies. However, B9 Beverages has challenged Anicut Capital's actions in the Delhi High Court.

The Beer Cafe operates under Better Than Before (BTB), a wholly owned subsidiary of B9 Beverages Pvt Ltd, which owns Bira 91.

Speaking to Livemint, Ankur Jain, Founder and CEO of Bira 91, said BTB “continues to be a wholly owned subsidiary of B9”. He alleged that some lenders have taken “actions that are in contravention with contracts and illegal”.

Jain said B9 had challenged Anicut Capital's actions in the Delhi High Court. According to him, on 17 October 2025, the court issued an interim order preventing Anicut from selling or establishing third-party interests in BTB shares.

“Given that the matter is sub-judice, it may not be appropriate for me to comment in more detail on the matter,” Jain added.

The Beer Cafe reportedly has a turnover of nearly ₹100 crore and remains one of B9 Beverages' few profitable and growing segments.

It's investor action, not business disruption, says BTB founder

Rahul Singh, founder and CEO of BTB, told Livemint that what has happened is a shareholding realignment. "BTB shares, which had been pledged by B9 Beverages Limited as collateral, were invoked by investors Kirin Holdings and Anicut Capital in accordance with their contractual rights.

"BTB Marketing Private Limited, which owns The Beer Café and our other brands, is now an independent company backed by these institutional investors. Day-to-day operations, management and brand decisions continue entirely under BTB’s leadership," Singh said.

According to Singh, the pledge invocation was a contractual investor action, not a business disruption."The shares had originally been pledged by B9 Beverages to secure financing. When the investors exercised their rights, the ownership of BTB changed accordingly. It’s a standard process in structured financing and has no operational or financial impact on BTB or The Beer Café."

The BTB founder said the development marks the start of a new growth phase for the company, and is not a prelude to anything negative.

"We’re now operating as a standalone company with clear governance, strong institutional partners and multiple consumer verticals — The Beer Café, Bira 91 Taproom (operated under licence), Thrsty, Instacrave and Burger Brewery. Our focus is on scaling these brands responsibly and continuing to deliver experiences that are Better Than Before. That’s what BTB stands for," he pointed out.

Stating that from BTB’s standpoint, the matter is purely procedural and the company has moved forward as per contractual laws, Singh said the same leadership team has been running The Beer Café since 2007, "and that continuity remains unchanged".

The Board of BTB includes the founding directors along with an Anicut Capital nominee director recently added for governance, as reflected in the latest MCA filing.

The beer maker's woes

The latest acquisition comes days after Mint reported that some major institutional stakeholders in B9 Beverages are considering removing Jain due to concerns about his management of the financially struggling company.

Investors and lenders, including Peak XV (formerly Sequoia India), Sofina, Sixth Sense Ventures, Anicut Capital, and Japan’s Kirin Holdings, discussed the business's state in a virtual call on 9 September. Most shareholders agreed to provide new funds to the company if Jain resigns.

However, Jain denied such a demand by investors or a formal offer made to him.

B9 is experiencing declining revenues, increasing losses, tax issues, and overdue vendor payments. Approximately 250 employees have submitted a petition to the B9 board and investors regarding delayed salaries and governance issues, The Economic Times reported earlier.

B9 Beverages investors

Institutional investors hold the largest stake in B9 Beverages, at 28.6% stake, led by Peak XV (formerly Sequoia India), alongside Sofina, Sixth Sense, MUFG Bank, Tiger Pacific, Mayfield, and GHIQF Mauritius. Kirin Holdings owns 20.3% of B9.

Promoters, including Ankur Jain and his family, own a combined 17.8% of the total holdings. Additionally, the remaining shares are held by employees, individuals, and family offices, who collectively hold approximately one-third of the company.